The thought of being kicked out of your residence is the unsettling reality you must face if the bank is foreclosing on your home. However, when people whose homes are being foreclosed take swift actions in response to the foreclosure, they may have a chance of delaying, stopping or preventing the worst effects of the foreclosure.
For example, here is what foreclosure defendants can do to prevent being evicted from their properties prior to the actual foreclosure sale:
Talk with the lender
Your lender will reach out to you with requisite warnings of your impending foreclosure. Make sure to communicate with the lender and see if there’s any way that you can lower your monthly debt obligations, restructure your payments or even refinance your home to be more affordable.
Explore whether government aid is available
Programs like Making Homes Affordable via the U.S. Department of Housing and Urban Development (HUD) are specifically designed to assist the owners of homes to avoid losing their residences to foreclosure.
Consider filing for bankruptcy
Filing for bankruptcy might not stop your foreclosure, but it could postpone it for additional time, giving you enough breathing room to work out a suitable plan with your lending bank.
If you’re a homeowner — and especially if you’re a parent with a family to keep safe — the thought of foreclosure can be terrifying. If you’re facing this threat, you may want to discuss your options with a qualified foreclosure prevention attorney who can educate you on your legal rights and options. You may have various strategies at your disposal to help you try to keep your home.